Audit: Roaring Fork general fund fell about $10 million in FY24; board warned to watch reserves

An independent audit presented to the Roaring Fork School District No. Re-1 Board of Education found the district began fiscal 2024 with about $27 million in its general fund but used roughly $10 million during the year, leaving the district with about $16.8 million in unrestricted general-fund balance.

“The general fund is the primary fund that the operations of the district fall under. The district started the year with $27,000,000…and last year, 10,000,000 of that fund balance was used. So that drops you down to 16,800,000,” Paul Bachus, a CPA with McMahon & Associates, told the board during the audit presentation.

Why it matters: The district remains above its stated minimum reserve but is much closer to that floor than in prior years. Bachus and district finance staff said the decline was driven mainly by higher-than-expected health-insurance costs and capital spending. The board was told to expect additional budget decisions and a supplemental budget request at the Jan. 29 board meeting.

The nut graf: An auditor—s unmodified opinion confirmed the FY24 financial statements are reliable, but the report highlighted two issues that could affect future budgets: a large draw on reserves and a cluster of operational weaknesses auditors recommended the district address. The board was…